You found an apartment. It’s just right—your belongings fit, it’s conveniently located so you can bike to work on nice days and the rent is reasonable.
Thus the great debate begins: to buy, or not to buy a renter’s insurance policy.
Isn’t it expensive? I’m already paying for car insurance.
No. Unlike other types of insurance, renter’s insurance is actually very reasonable. The exact cost depends on a host of factors including your apartment setup, location, personal property, and more. Yet policies in the Cambridge area can be very cost effective. Plus, if you bundle your renter’s policy with your car insurance you can receive an additional discount.
I’m not sure how much of my personal items are worth insuring.
You’d be surprised at how fast the value of everything you own adds up. This isn’t just what’s in your closet. When everything in an apartment is considered, from electronics to furniture to jewelry, etc, most people actually own a sizeable amount of worth in their personal property.
What about personal liability or property damages?
Renter’s insurance coverage in Massachusetts can protect you from losses to your personal property, as well as offer liability protection for bodily injury or property damage. Peace of mind year-round has value.
One reason why many people rent is because they don’t have time for upkeep and maintenance— Life is busy enough and there is less to worry about. And you may have many friends who have opted not to purchase renter’s insurance, and it’s worked out fine for them.
Except for that one friend. He didn’t have any renter’s insurance. But he did like to cook. It took just a few minutes one evening for the pan to get too hot, and a fire started. It spread to the rest of the kitchen, bedroom, and unfortunately damaged the floor for his neighbors upstairs. Turns out apartments in Cambridge are costly to repair, even when they aren’t fancy.
Though there was the case of your co-worker who was robbed a few months ago. They had just spent a bundle on an impressive entertainment setup—TV, game systems, stereo, all of it. And it all disappeared one Friday night.
Maybe it wouldn’t hurt to look into a renter’s insurance policy.
Talk to your Guard Insurance representative about a renter’s insurance policy that can cover these types of situations. Also check out resources from the city of Cambridge—they’ll occasionally have sessions by the Community Development Department focused on the city’s affordable rental and homeownership programs.